It’s common to think about education expenses as they relate to fresh-faced college students just starting out – but what about the rest of us? Can you deduct the cost of an education when you’re not pursuing a degree or certificate for your first career? You might. Under some circumstances, you may be able to…
Okay, you already know how savings bonds work… They’re backed by the federal government so the principal is guaranteed. When you buy them, federal savings bonds earn interest which is free from state and local income taxes. Federal income tax on the bonds is generally deferred until you cash the bonds in or until they…
With all of the focus on the cost of higher education, it’s easy to forget that there are a number of scholarships and fellowships available. Scholarships are generally funds paid to or for the benefit of a student at an undergraduate or graduate school who is studying for a degree. Fellowships are funds paid for…
You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent, as a tuition and fees deduction. The deduction can reduce the amount of your income subject to tax by up to $4,000 so long as your modified adjusted gross income (MAGI) is not more…
Education tax credits can help offset the costs of paying for your education or costs you pay for an eligible student who is your spouse or a dependent you claim on your tax return. For 2011, the American Opportunity Credit and the Lifetime Learning Credit are available to qualified taxpayers who pay expenses for eligible…
I need a full time assistant just to manage the kids these days (don’t worry, Mom, I don’t actually have one). School started last week which means that this week, extracurricular activities have started in earnest. In addition to escorting my kids back and forth to dance, gymnastics and soccer, respectively, I have to spend…
If all goes according to plan, my son will be Penn State University’s starting quarterback in 2025. Why? He happens to be my third child and by the time he starts college, we like to joke that he better have a scholarship lined up. College is expensive. I know this firsthand. Even with scholarships and…
It’s not just the kids that have to take tests these days. Attorneys, CPAs, doctors, engineers, architects, and nurses must generally pass standardized competency tests in order to practice. You can now add tax professionals to the list. Over the past year, the IRS has made increased oversight of tax professionals a top priority. As a…
My kids started school today and already the cry for volunteers has started. I’m not complaining because I get it. Schools are increasingly the target of cuts in spending (deserved or not is another question) and as a result, they are in a scramble to make up for missing programs, teacher shortages, and funding. Fortunately,…
In a few hours, my children will get up and get dressed for the first day of school. There will be no drama. There will be no “I don’t have anything to wear.” I can say this with a reasonable amount of certainty because, as students who attend public school in Philadelphia, my children will…